Riber 9-s1 04 b19-046 46-61

Review of Integrative Business and Economics Research, Vol.
9, Supplementary Issue 1 46
Value Determinant Factors for Apartment

Products in Indonesia
Raden Aswin Rahadi*
School of Business Management, Institut Teknologi
Bandung, 40132 Bandung, Indonesia
Annisa Rahmani Qastharin

School of Business Management, Institut Teknologi Bandung, 40132 Bandung,
Indonesia
Rudy Bekti
Indonesia
Wenata Aryakusuma
Indonesia
Ameliana Rahmawaty
Indonesia
Selvi Permata Groda

Indonesia
ABSTRACT
This study aims to address the factors or attributes that would influence the price of
apartment products in Bekasi, Bandung, and Surabaya city. In total, 531 respondents
from across these three cities participated in the questionnaire for this study. The
questionnaire was made based on the author’s previous studies. For data analysis, the
authors utilised a descriptive analysis to conclude this study. The findings suggested
that each of the cities surveyed has their unique traits that are different from each of
them. The objectives of this research have successfully been obtained with data
collection, development, data verification and validation of the factors influencing the
price of apartment products. The result of this study will create a better understanding
of how these factors can influence the consumer perception of price in Indonesia.
Currently, this is the first study in Indonesia that analyses apartment consumer
preferences in Indonesia. The findings from this study will be useful for all
stakeholders. Consumers and property developers will be able to understand the
motivation for purchasing apartment products in those major cities, while for the
government it would be useful to produce a better regulation for the industry.
Keywords: Apartment markets, Apartment Price, Apartment market analysis,

Indonesia.
1. INTRODUCTION
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ISSN: 2304-1013 (Online); 2304-1269 (CDROM); 2414-6722 (Print)
Review of Integrative Business and Economics Research, Vol. 9, Supplementary Issue 1 47
Indonesia is the fourth largest country in Indonesia, with a population of nearly 270
million in 2019. With most of the population and business activities centred on Java,
the country has for the past several years enjoyed massive development and economic
improvement. This condition causes the island of Java to become the main attraction of
urbanisation and business for all Indonesian people. As a result, most of the big cities
on Java, such as Jakarta, Bandung, Surabaya, and the surrounding area are flooded by
Indonesians who work and do business (World Bank, 2019).
Based on a report given by the Indonesian Statistics Board in 2017, currently, around
150 million people are living on Java Island (Badan Pusat Statistik Provinsi Jawa Timur,
(2018). The current population density per square kilometre on Java Island reaches
1,200 in 2017 (Badan Pusat Statistik Provinsi Jawa Timur, (2018).
The concentration of this population combined with the process of urbanisation has
created housing problems. The scarcity of land for housing development also worsened
the situation. Because real estate products have their differences (Hai-Zhen et al., 2005),
they make the prices of residential products unpredictable. At present, with weak
government control and limited policies, housing prices in Indonesia are primarily
controlled by real estate developers.
The purpose of this study is to analyse the attributes that affect the price of apartments
in Java. This research will focus only on apartment products because it is one of the
housing products that appear in Indonesia. With high land prices and limited land
stocks, apartment products have become attractive alternatives for consumers to live.
This research is expected to uncover factors that influence the price of apartment
product in Bekasi, Bandung, and Surabaya area. This study will be valuable for the
development of apartment in Indonesia, as currently there are limited studies performed
that discuss the specific industry in Indonesia.
This research is intended to be the first to lead research on the preference factors for
apartment products in Indonesia. Methods and findings can be replicated in other major
cities throughout Indonesia. In the end, the results of this study will benefit apartment
consumers, apartment developers, the government, and the next generation of
researchers in the real estate industry.
2. LITERATURE REVIEW
2.1. General view for Indonesian real estate market condition

In the second quarter of 2017, Indonesia's Gross Domestic Product (GDP) grew by
5.01% in line with the growth recorded in the previous quarter. The above 5% growth is
felt positive in Indonesia while the opposite for growth below 5% is correct.
According to the Jones Lang LaSalle (JLL) property market report, demand in the
property market has increased slightly, especially at the CBD location. Investors will be
more attractive if the developer can offer the best price and payment term. Moreover,
Bank Indonesia also estimates that a slight increase in GDP will be between 5.10% -
5.20% at the end of Q3 2017. On the currency aspect, the rupiah will stabilise at IDR
13,237 per US $ 1.00, while inflation will fall to 3, 82% due to August 2017, from
4.37% in the previous quarter (Jones Lang LaSalle, 2017).
The Jakarta Composite Index (JCI) increased slightly during the quarter and closed at

5,885.61. During 2017, Bank Indonesia has decided to reduce the reference rate from
4.75% to 4.5% in Q2. 2017 and 4.25% in Q3.2017 due to low inflation growth. This
result is also expected to cause a reduction in one bank loan as a mortgage because it is
still the most preferred transaction method. In terms of supply and demand, the
middleand lower-class segments are expected to continue to dominate supply in Q2,
2017 (Bloomberg, 2017).
2.2. General view for Indonesian real estate market condition
2.2.1 Bandung City

The city of Bandung is the capital of the province of West Java in Indonesia. This is the
third most populous city in the country, with more than 2.61 million. The city of
Bandung has cool temperatures compared to most cities in Indonesia. Bandung
economy is mainly built on business, tourism, high technology, creative industries &
manufacturing industries, educational institutions, technology, retail services, financial
services, pharmaceutical companies, and food production. Bandung has almost 50
higher education institutions and is one of the most popular destinations for education
in Indonesia.
As we can see from the table below, Bandung's population growth always increases
from year to year. Its growth is around 15,000 people every year or around 0.6% every
year. This population increase also affects the demand for housing simultaneously.
Table 1 Population of Bandung from 2011 - 2016

(Source: Badan Pusat Statistik Kota Bandung, 2017)
2.2.2 Surabaya City

Surabaya is the second metropolitan city after Jakarta and the capital of East Java
province with a size of around 327 square kilometres (Badan Pusat Statistik Kota
Surabaya, 2016). The location is in the northeast corner of Java Island. Surabaya is a
gateway to the economic path in eastern Indonesia. Surabaya is the centre of various
businesses, industries and political centres and educational services. The potential and
development of Surabaya quickly followed Jakarta. Surabaya's infrastructure

development is no less rapid than Jakarta, which stimulates economic growth and the
property sector significantly. Like many other major Indonesian cities, Surabaya has
become a point of attraction for urbanisation and business for people from all over
Indonesia after Jakarta. This fact has attracted many migrants seeking permanent
employment in Surabaya. As a result, the population in Surabaya continues to increase
dramatically every year.
According to official 2010 population data from the Indonesian Statistics Board,
around 2,771,615 people live in Surabaya with a population density of 7,889 people
per square kilometre. During the last 50 years, the population in Surabaya has
multiplied by an average of 0.65% per year (Badan Pusat Statistik Kota Surabaya,
2016). According to the Central Bureau of Statistics, it is estimated that the population
increased to 3,366,249,000 people in 2040 as shown in Figure 1. Meanwhile, city
growth may be higher than official data.
Figure 1 Population of Surabaya

(Source: Badan Pusat Statistik Kota Surabaya, graphic modified)
The phenomenon of increasing population growth from year to year in Surabaya has
led to greater housing demand. However, the increase in population growth in
Surabaya is offset by the growth of Surabaya, which continues to increase every year.
That can be seen from the development of Surabaya City's infrastructure which is not
inferior to Jakarta. The economic growth of Surabaya City reaches 6% and is higher
than the national average, which only reaches around 5.1% (Badan Pusat Statistik
Kota Surabaya, 2018). Infrastructure development and infrastructure facilities are also
continuously carried out by the Surabaya City Government, such as the construction
of intercity toll roads, completing the construction of the front road and planning the
MRT (Mass Rapid Transit).
Surabaya has excellent potential for investors to invest and do business in the property
sector (Collier International Indonesia, 2018). Many developers are starting to build
new property business projects in Surabaya. Property developers are optimistic about
the potential for property development in Surabaya according to high demand for
property. Compared to Jakarta, there is more land available to develop property

projects.
Analysts also stressed that land prices rose rapidly in Surabaya. However, considering
that land will become scarce from time to time, property developers in Surabaya are
starting to focus on apartment projects. The apartment concept is still new for
residents in Surabaya. However, rapid population growth has led to a sharp demand
for living space which has finally aroused housing development in the Surabaya area,
as well as opening opportunities for real estate developers to benefit from housing
prices with their value increasing over time. This, of course, makes property demand
increase, but the increasing need for property that is not in line with the availability of
land has significantly strengthened housing prices.
The Surabaya government also created a conducive atmosphere especially in the field
of property development licensing. It is not surprising that many property developers
have begun to develop their business in Surabaya; this has increased intense
competition in Surabaya. The total number of strata-title apartments will reach 36,523
units in 2021. From 2018 to 2020, supply is scheduled to grow to 9,251 units per year.
Around 46% of all new units are planned in the middle to lower segments. While
demand for apartments in Surabaya, at the end of 2018, take-up rates may be up to
81-82%. The brisker prospect for 2019 and 2020 can allow take-up rates to reach 84%
and 85% respectively (Collier International Indonesia, 2018). Unlike Jakarta, which
relies heavily on foreign developers, most developers in Surabaya are local players.
2.2.3 Bekasi City
Figure 2 Population of Jakarta and Bekasi

(Source: Badan Pusat Statistik DKI Jakarta, graphic modified)

As Indonesia's national economic and capital strength, Jakarta is considered the

country's main economic engine. Many businesses, political centres, and educational
services are centred in Jakarta. Jakarta is Indonesia's gateway to investment both for
foreign and domestic investors. Pride of being the country's leading commercial,
Jakarta is a booming city with many migrants looking for permanent jobs in Jakarta.
As a result, the population in Jakarta has increased steadily for decades.
Underdeveloped areas in Jabodetabek decreased from 17,956 hectares in 1992 to

7,166 hectares in 2005. There was a reduction in land available by 60% in only 13
years (Badan Pusat Statistik DKI Jakarta, 2005). Over the past 50 years, the
population in Jakarta has proliferated by an average of 2.4% per year (Badan Pusat
Statistik DKI Jakarta, 2009) whose growth has doubled from 530 thousand people in
1930 to 2.9 million in 1961 to 6.5 million in 1980 and finally 10,855 million people in
2018. The Central Bureau of Statistics estimates that the population increased to
11,459 million people in 2035 as shown in Figure 2. Meanwhile, urban growth may
be higher than officially shown because it did not try the number of seasonal
migrations.
Avoiding overcrowded populations, in 1983 the government drafted a master plan to

develop suburban areas namely Bogor, Tangerang, and Bekasi which were integrated
into Jakarta (from now on referred to as Jabotabek). Then in 2008, Depok entered the
acronym Jabo (de) tank and since then Depok has become one of the Jakarta
Metropolitan areas. During 2001 to 2009, the built-up area has increased from
24,032ha to 29,213 ha (Nagasawa et al., 2015) as shown in Figure 3.
Figure 3. Built Up area of Jabodetabek.

Image courtesy of Nagasawa, et al. (2015). Image modified
The Central Bureau of Statistics shows that the Jabodetabek population will reach 32
million by 2018 which was previously 28 million in 2010. Rapid population growth
has caused a sharp demand for living space which has finally aroused housing
development in the periphery from Jakarta. To accommodate and connect Jakarta with
its suburbs, physical infrastructure such as highways and railways has been built. This
condition has attracted real estate developers to expand housing development through
the Jakarta suburbs. In 1995, the housing development was expanded to a radius of

30-40 km from downtown Jakarta.
Due to the significant increase in land prices in the city, new developments in
Jabodetabek over the past decade have been dominated by high-density vertical
housing known as apartments. It is challenging especially because Indonesians tend to
stay in landed houses because it provides open green space and fresh air that provides
greater comfort. However, the development of apartments continues to mushroom the
market because the demand for shelter incessantly and the land in DKI (Special
Capital Region) Jakarta has skyrocketed. Beginning in 2000 was a booming period for
the apartment market in Jakarta, 34,071 apartments were completed in 2017 (Savills,
2017). Savings are estimated at 42,471 apartment units in Jakarta ready for sale in
2018 as shown in Figure 4.
Figure 4. Annual Apartment Supply. Image courtesy of Savills Research &

Consultancy (2017)
2.3 Consumer Preferences for Residential Products
The study conducted by Steggel et al. (2003) shows that there have been several
developments in the theory of consumer behaviour for housing products. They can
analyse which theories stand out in housing research, according to the most quoted
references.
Based on their research, we can assume that six theories affect housing Studies. These
six theories have been cited more frequently in housing studies from 1989-1999. First,
the theory used is the theory of Housing Adjustment. First mentioned by Morris and
Winter (1975) in a summary of the theories discussed household behaviour when
carrying out daily activities. They will continue to change and adjust their housing
situation to achieve satisfaction. From this theory, we can see that some behaviors and
preferences change to meet the standards sought by households. The second theory is

the Congruence Person-Environment theory. This theory briefly discusses the

relationship between human behaviour and its environment. Human life is determined
by a set of goals, and to fulfil that goal, humans must interact and adapt to their
environmental conditions (Ittelson, Proshansky, and Rivlin, 1970). Next is the
Diffusion of Innovation Theory. This theory mentions innovations that occur around
human life and how they are communicated and introduced to their daily activities
and based on their benefits and objectives whether they will be spread or not (Rogers,
2003).
Four elements influence the diffusion process: innovation; communication channel;

social system; and time. The fourth theory is the Symbolic Interaction Theory. The
approach itself was adopted and used based on physiological and sociological theory,
which was later adapted for housing research by Erman (1996). In this context,
elections and housing preferences are based on symbolic meanings that are considered
standard in society. The fifth theory is the Theory of Social Exchange. This theory
tries to explain the relationship between social interaction and links and resources. It
states that social interactions and relationships are carried out in the society based on
rewards and balance of costs (Thibaut and Kelly, 1959; Blau, 1964; and Homans,
1961). The final theory is the Causal Model of Obstacles and Incentives for
Affordable Housing. This theory relates to interactions and relationships between
people and households based on interacting variables (McCray et. Al., 1994).
Researchers have conducted studies to understand the behaviour of real estate

customers when choosing and buying residential products. There are several methods
for finding consumer attributes when choosing a home for them to buy (Zanis and
Jusan, 2010). Research in real estate customer preferences can be classified into two
main categories (Weimer, 1966). These categories are occupant characteristics and
environmental characteristics.
Furthermore, population characteristics can be divided into population demographics

and socio-economic population. Environmental characteristics can be divided into
environmental and living environments. Research that addresses the characteristics of
occupants can be found in research by Blakely & Snyder (1998); Daly et al. (2003)
and Shafiei et al. (2010). Research that addresses environmental characteristics can be
found in a study by Eves (2006); Aluko (2007); Kopits et al. (2007); and Hoshino
(2008).
2.4 Consumer Preferences for Residential Products in Indonesia

There is intensive research conducted by Rahadi et. Al. (2012, 2013, 2014, 2015 (a),
2015 (b), and 2018) Who have carried out literature synthesis followed by qualitative
and quantitative analysis in the research process, the authors can create a conceptual
model that defines the factors that influence housing product prices in the Jakarta
Metropolitan Area. As seen in Figure 5, the factors that influence consist of physical
quality, livability, location, accessibility and reinvestment value.

Figure 5. Research Conceptual Model (Adapted from Rahadi et al., 2015)
This research uses the conceptual model for understanding the housing consumer
behaviour towards price for an apartment in Java Island. The findings from this study
would be useful for understanding the current apartment market condition in Java
Island. This approach can be justified to bridge the current gaps in the literature for
consumer preference in Indonesia. It will also be beneficial practically for all
stakeholders involved in the residential industry.
3. METHODOLOGY
The questionnaire survey was conducted in 2017-2018. The process of data collection
was conducted in Bandung with 104 respondents, Bekasi with 252 respondents, and
175 respondents from Surabaya. The age range of respondents is between 18-56 years.
Data collected using judgmental sampling with a non-sequential approach. The
respondents were then asked about their willingness to buy apartment products. The
questionnaire items are grouped into two parts. The first part deals with demographics
information, while the last part relates to their preferences for apartment products on
Java.
Five factors (Physical Quality, Location, Accessibility, Reinvestment Value, and

Livability) and attributes were included in the questionnaire. Respondents answered
based on a Likert scale of 1-6 for their studies in Bandung, Bekasi and Surabaya, with
a score of 1 representing a high reluctance to buy and 6 representing a high desire to
buy a product mentioned earlier.
During the data collection process, the confidentiality of the respondent's personal
information is maintained. Before the research process, respondents were given
instructions to fill out questionnaires, research objectives, and information about data
confidentiality. All respondents gave their consent to participate in this study. The
research process, from building survey methods, data collection, and data analysis,
was monitored and approved by university advisors.
4. RESULTS
4.1 Bandung City

From the statistic below, we can see the result that our location is preferable for
society to buy. As we can see that the average means for physical condition factor is
4.28, accessibility factor is 4.54, uniqueness factor is 4.40, investment factor is 4.70,
and the comfort factor is 4.16. As all the aspect factor is more than value 3, we can
conclude that the market is feasible.
Table 2 Mean Analysis Results for Bandung City (Authors’ Analysis)
Scale 1 = not buying and scale 6 = buying
4.2 Bekasi City

Customer preference that influences them to purchase an apartment in Bekasi consist
of five questions and use the Likert scale of 1 – 6 to present the findings. The scale of
1 indicates the least preferable factor influencing customer preference and the scale of
6 indicates the preferable factor influencing customer preference. This finding
analysed by using one sample statistics.
Table 3 Mean Analysis Results for Bekasi City (Authors’ Analysis)
Five factors of customer preferences being asked in this questionnaire section

regarding apartment preference in Bekasi. As seen in table 3, the location has the
highest mean (5.548) followed by accessibility (5.456) which influencing the
customer preference towards an apartment purchase decision.
This result is in line with prior results conducted by several researchers such as Herath

& Maier (2010), Kamal et al. (2015), and Rahadi et al. (2016), which indicate location
is the most influencing factor for purchasing decision on the residential product. This
result is also in line with the prior finding on demographic information which stated
that 64% of the total respondents need less than an hour to arrive at the office.
Following the location, accessibility is the second factor that influences customer the
most on apartment purchasing decision with the mean score of amounted 5.456. Most
of the residents who live in outskirts Jakarta prefer to commute using their vehicles
(Rahadi et al.,2015). Since Jakarta has a massive traffic jam, accessibility will help
residents shorten the distance to their destination, for example near to toll road gate,
near to commuter line shuttle, near to the shelter of public transportation and more
than one exit and entrance ways to access the entering gate of the apartment.
After location and accessibility, livability is on the third factor that influences
customer the most on apartment purchasing decision with the mean score amounted
5.373. Shorten time needed to reach the office, avoided from traffic jam, near to
public facilities, eventually will conduce livability.
4.3 Surabaya City

Customer preference that influences them to purchase an apartment in Surabaya
consist of ten questions and use the Likert scale of 1 – 6 to present the findings. The
scale of 1 indicates the preferable factor influencing customer preference and the scale
of 6 indicates the least preferable factor influencing customer preference. This finding
of this result is analysed by using one sample statistics.
Table 4 Mean Analysis Results for Surabaya City (Authors’ Analysis)
Five factors of customer preferences being asked in this questionnaire section

regarding an apartment located in Surabaya. As seen in table 4, the location has the
highest mean (5.154) followed by reinvestment value (5.131) which influencing the
customer preference towards apartment purchases decision.
This result is in line with prior results conducted by several researchers such as Herath
(2010), Kamal et al. (2015), and Rahadi et al. (2016), which indicate location is the
most influencing factor for purchasing decision on the residential product. This result
is also in line with the prior finding on demographic information according to

excellent location to purchase an apartment, which stated that 49,7% of the total
respondents prefer an apartment in East Surabaya because of its close from their
office and family member. While 43,4% prefer an apartment in Central Surabaya as a
central city of Surabaya, as a result, they can reach every location in Surabaya easily.
5. DISCUSSIONS
For consumers in Bandung city, we can see that reinvestment value is the most
important aspect for them when purchasing apartment products in that city. For
consumers in Jakarta/ Bekasi and Surabaya area, the factor of location is the most
critical aspect for the consumers. It is exciting findings, as it reflects the current
behaviour of consumers of the different cities. This finding is by the golden rules of
real estate by Lord Harold Samuel in 1944 about the importance of location when
selling real estate products (Safire, 2013). When buying residential products, most
respondents agree when considering house prices, location is the most influential
factor to analyse respondent.
As the fact’s states (Poerwanto, 2017) most of the apartment being purchased in
Bandung, are not used individually by the consumers. Instead, they expect the return
from the resale value and apartment rental such using providers such as Airbnb, Oyo,
RedDoors or other accommodation vendors. The findings are a bit different in Jakarta/
Bekasi and Surabaya city, as consumers to purchase their product for their use, not for
gaining rental or resale value. Thus, that is why consumers looked for location as their
first factors.
Table 5 Mean Analysis Results for All Cities (Authors’ Analysis)
For the least important from the survey, we can see that livability is deemed as the least
important for consumers in Surabaya and Bandung, while the physical condition is
deemed as the least important for consumers in Bekasi area.
It is also interesting to see that after the data from three cities being compared
side-by-side, all the data showing results differently for each city. For the city of
Bandung, the arrangement from the most important to the least important is
reinvestment value>accessibility>location>physical condition>livability. For Bekasi,
the arrangement is location>accessibility>livability>reinvestment value>physical

condition. For Surabaya, the arrangement is location>reinvestment value, physical

condition>accessibility>livability.
Table 6 Ranking of Mean Analysis for All Cities (Authors’ Analysis)
6. CONCLUSIONS
In this paper, we tried to analyse the apartment consumers from three different major
cities in Indonesia. The factors that we analysed are based on the authors' previous
studies results. A total of 531 respondents were interviewed from all those cities. The
findings suggest that each of the cities surveyed has their unique traits that are
different from each of them. The objectives of this research have successfully been
obtained with data collection, development, data verification and validation of the
factors influencing the price of apartment products.
The result of this study will create a better understanding of how these factors can
influence the consumer perception of price in Indonesia. Currently, this is the first
study in Indonesia that analyse apartment consumer preferences in Indonesia. The
findings from this study will be useful for all stakeholders, including the consumers,
the property developers, and government. Consumers and property developers will be
able to understand the motivation for purchasing apartment products in those major
cities, while for the government it would be useful to produce a better regulation for
the industry.
7. FUTURE RESEARCH
The current conceptual framework and the research method can be utilised in other
major cities in Indonesia outside of Java Island, such as Medan, Makassar, and
Pekanbaru. The reapplication of this study would be beneficial to verify whether
similar results are also present in those other cities. If so, we can use the current
model to develop the real estate industry, particularly the apartment industry in
Indonesia.
It is also interesting to verify and apply this analysis in other major cities around
Indonesia, such as Singapore, Bangkok, Manila, Hanoi and Kuala Lumpur. With
similar heritage, correlations between these factors might occur.
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Review of Integrative Business and Economics Research, Vol.

Value Determinant Factors for Apartment

Annisa Rahmani Qastharin

Selvi Permata Groda

Keywords: Apartment markets, Apartment Price, Apartment market analysis,

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2.1. General view for Indonesian real estate market condition

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2.2. General view for Indonesian real estate market condition

2.2.1 Bandung City

Table 1 Population of Bandung from 2011 - 2016

2.2.2 Surabaya City

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Figure 1 Population of Surabaya

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2.2.3 Bekasi City

Figure 2 Population of Jakarta and Bekasi

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As Indonesia's national economic and capital strength, Jakarta is considered the

Underdeveloped areas in Jabodetabek decreased from 17,956 hectares in 1992 to

Avoiding overcrowded populations, in 1983 the government drafted a master plan to

Figure 3. Built Up area of Jabodetabek.

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30-40 km from downtown Jakarta.

Figure 4. Annual Apartment Supply. Image courtesy of Savills Research &

2.3 Consumer Preferences for Residential Products

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the Congruence Person-Environment theory. This theory briefly discusses the

Four elements influence the diffusion process: innovation; communication channel;

Researchers have conducted studies to understand the behaviour of real estate

Furthermore, population characteristics can be divided into population demographics

2.4 Consumer Preferences for Residential Products in Indonesia

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Figure 5. Research Conceptual Model (Adapted from Rahadi et al., 2015)

Five factors (Physical Quality, Location, Accessibility, Reinvestment Value, and

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Table 2 Mean Analysis Results for Bandung City (Authors’ Analysis)

Scale 1 = not buying and scale 6 = buying

4.2 Bekasi City

Table 3 Mean Analysis Results for Bekasi City (Authors’ Analysis)

Scale 1 = not buying and scale 6 = buying

Five factors of customer preferences being asked in this questionnaire section

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4.3 Surabaya City

Table 4 Mean Analysis Results for Surabaya City (Authors’ Analysis)

Scale 1 = not buying and scale 6 = buying

Five factors of customer preferences being asked in this questionnaire section

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Table 5 Mean Analysis Results for All Cities (Authors’ Analysis)

Scale 1 = not buying and scale 6 = buying

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condition. For Surabaya, the arrangement is location>reinvestment value, physical

Table 6 Ranking of Mean Analysis for All Cities (Authors’ Analysis)

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[1] Aluko, B. T. (2007). Examining valuer’s judgement in residential property

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